Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JorgeStolfi]

If EC is broken before we get around to doing a difficult planned and controlled upgrade to a different algorithm, then everyone's wealth will be permanently lost and redistributed.

I believe (on no basis whatsoever, just a blind guess) that such thing will not happen before he bitcoin protocol becomes obsolete for some other reason, with or without loss of the blockchain balances.

But, just to discuss hypotheticals, if that were to happen it would be a nightmare scenario.  At the very least it would mean the freezing of all cryptocoin payments until the new protocol is defined and the miners and clients upgraded to it.  That could take weeks or months.  Any business that depended entirely on bitcoin payments would  have a hard time.

Depending on who breaks EC, bitcoins may get silently stolen for months before the maintainers realize what is happening.  By that time, there will be many legitimate transactions mixed up with illegitimate ones, and it may be practically impossible to distinguish them, or do a general rollback.

[windjc]

Just caught up on the entire days worth of new posts on this thread - basically TERA trolling everyone on here.

Good times.

Oh, look! We got the small bounce I predicted we'd get this weekend.

Just a little longer now - (maybe 2780ish??) - and the big dumps can begin.

My guess is Tues or Wednesday. Latest on Thurs. That will be when we get some announcement from 1 or more of the big 3 exchanges.

[windjc]

If/When we break 2660 on Houbi - then there is nothing to stop us from retesting 2555.

If we retest 2555, there is very little hope of a "double bottom" there and if that breaks, then there is nothing stopping us from retesting 2223.

If we retest 2223, it is very sketchy that it would hold given the downward trend and the next stop would be 2120.

2120 is the chance to make a real double bottom.  Would it hold?

I guess what I am saying is that 2660 is damn important support right now.

[UnDerDoG81]

So tired of these 400´s 

So, still 24 days remaining until I go to a long holiday trip where I can forget about Bitcoin 

[adamstgBit]

So tired of these 400´s 

So, still 24 days remaining until I go to a long holiday trip where I can forget about Bitcoin 

forget about the price for a while

at this point the market is milking the sellers you dont what to be selling whe the market is low and looking/hoping for lower prices....

look to save a wad to invest into bitcoin should price fall deeper!

buy buy buy


good night all and in case i dont see you good moring marry Xmas and happy new year

 

[adamstgBit]

[ChartBuddy]

Explanation

[TERA]

[billyjoeallen]

Some transactions are fast, low-cost and secure.
For everything else, there's MasterCard.

Priceless.

[billyjoeallen]

Quite amazing how Tera nows exactly what will happen in the next 2 years.

...but not more crazy compared to people who (constantly) claim that we are only a few days away from going to the moon I think TERA is basing her prediction based on at the past where there has been long periods with less activity (in between bubbles).

I see something similar, coin distribution is what is happening and this process is hindered by coagulation, there are players in the space who will become distortedly wealthy if the market cap increase, hence they have too big a stake, we will need to see this experiment look like it's going to fail before those hoarders help distribute coins so distribution ends up resembling a normal distribution curve. I'm not predicting anything just think there is a roughly 30% chance something like this happens.

It's the true believes who survive.

You may be able to shake coins from people who bought recently, but it is NOT going to be easy to shake coins from those who have already experienced 10x or 100x appreciation.  Those HODLers would NOT have any major incentive to get rid of significant portions of their portfolio, unless you say that we are going into the double digits, which would be difficult for any manipulator to accomplish without losing significant capital.in the process of attempting to get prices there.

It's precisely because my investment has appreciated so much that it makes sense for me to sell a portion and diversify. It's not logical to keep The vast majority of my portfolio in one highly speculative, risky, volatile asset even if I passionately believe in it, think it will succeed and want it to succeed. The more bitcoins appreciate, the larger their portion of my total portfolio and the more reason to diversify. Of course this also works the other way around and it means I'll buy back if they get cheap enough. 

[ChartBuddy]

Explanation

[JorgeStolfi]

It seems that the Chinese bulls who woke up at 4:30 am to play "up the price" have run out of gas.  The bears got up now, and are having some fun with bitcoin while waiting for lunch to be served.

[RoadTrain]

If EC is broken before we get around to doing a difficult planned and controlled upgrade to a different algorithm, then everyone's wealth will be permanently lost and redistributed. Bitcoin could re-emerge with new code but it will be a reset with different players. It will be a race to buy back in to the new bitcoin. Your investing decisions today would be irrelevant.

no way

if we ever "reset" it will be back to a checkpoint

you have no idea how permanent the blockchain will be dude it will last as long as we need it too

Resetting back to a checkpoint does not solve the fundamental problem of now everyone knows everyone else's private keys and there is no way to distinguish between the owners

That's why we must foresee any possible EC weaknesses.
We already know it's theoretically vulnerable to quantum PCs, so another cryptosystem must be allowed into Bitcoin way before an attack is feasible.

[ChartBuddy]

Explanation

[QuestionAuthority]

Explanation

ChartBuddy you still make me hard as a rock.

[nioc]

You are quite hilarious, and to be somewhat serious, one of the problems with bitcoin seems to be that through time there are going to many bitcoin HODLers taking bitcoins with them to the afterlife, until we get some better security vehicles.  I think that if I croaked today, at least half of my bitcoin stash would become unclaimed.  Even if I suffered from some memory loss regarding my bitcoin would cause significant recovery problems.

I am definitely looking forward to better bitcoin wallets.

I use the Electrum wallet and 2 people who I can trust with my life have my seeds.  So if when I die they don't end up in a non existent place.

[ShroomsKit]

Aaaand more dumping.

[chessnut]

nah this is a bear trap. I think you'll see we are about to scalp up.

[ChartBuddy]

Explanation

[Dabs]

I got paper wallet in a sealed envelope, locked in a safe that only a few people know the combination. Worst case, they can bust it open in a few hours.

Actually, I got paper wallets in a few other locations. I haven't gotten around to making wood, stone, steel or tungsten wallets. Yet. They are on my to-do list.